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Part 1 of question. Need help getting the jounral entries and T accounts for this part. On January 1St 2022, Mr. Pane starts Pane in
Part 1 of question. Need help getting the jounral entries and T accounts for this part.
On January 1St 2022, Mr. Pane starts Pane in the Glass Window Company by issuing 1,000 shares of $6 par common stock for $100 per share. The same day, the company purchased a delivery truck in exchange for signing a 5 -year, 6% annual interest rate note payable with a face value of $40000. Interest is payable on the last day of every calendar year. The truck is valued at $40000 and has an estimated useful life of 10 years. On January 2of the company purchased 500 windows from the manufacturer for $215 each and paid in cash. On January 3 the window manufacturer contacted Pane in the Glass and offered an additional 70 windows for $180 each Step by Step Solution
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